Wednesday, January 9, 2019

HAL Board To Meet Today Amid Reports of Financial Crisis

HAL Board To Meet Today Amid Reports of Financial Crisis

Reports suggested that HAL was forced to borrow money to pay salaries to its employees

New Delhi: Amid an ongoing row between the BJP and the Congress over Hindustan Aeronautics Limited (HAL), the aerospace public sector undertaking will hold a board meeting today to discuss the company's financial situation.

Congress president Rahul Gandhi had attacked Defence Minister Nirmala Sitharaman for "lying" in Parliament about orders worth 1 lakh crore to the PSU.

"The initial board meeting was held today with senior management including the Chairman. A Joint Secretary from the department of defence production of Defence Ministry also in attendance," Defence Ministry officials told news agency ANI.

While today's meeting will consist of presentations on the various projects from the departments concerned, detailed discussions about the main meeting will be held tomorrow, officials said.

After the war of words between Rahul Gandhi and Nirmala Sitharaman, HAL had clarified that it had taken an overdraft of Rs. 962 crore but with orders for 83 light combat aircraft, 15 light combat helicopters and other products, its finances are expected to improve.

HAL issued the clarification after media reports quoting its chairman suggested that the firm was forced to borrow money to pay salaries to its employees.